https://www.taxtmi.com/caselaws?id=57739 The Tribunal upheld the cancellation of a penalty imposed under section 271(1)(c) of the IT Act, 1961 on the assessee for concealment of income. It was determined that the addition to income lacked evidence linking it to the assessee's income, as required for penalty imposition. The Tribunal found the assessee's explanation genuine and not proven false, thereby justifying the cancellation of the penalty. The Department's appeal was dismissed, and the cross objection supporting the cancellation was deemed unnecessary and also dismissed. en-us Thu, 22 Feb 1990 00:00:00 +0530 Mon, 13 Dec 2010 12:07:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57739 The Tribunal upheld the cancellation of a penalty imposed under section 271(1)(c) of the IT Act, 1961 on the assessee for concealment of income. It was determined that the addition to income lacked evidence linking it to the assessee's income, as required for penalty imposition. The Tribunal found the assessee's explanation genuine and not proven false, thereby justifying the cancellation of the penalty. The Department's appeal was dismissed, and the cross objection supporting the cancellation was deemed unnecessary and also dismissed. Case-Laws Income Tax Thu, 22 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57739